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The Ethereum Foundation on Wednesday issued a statement informing the public to be aware that the September ‘Merge’ upgrade will not lower onchain transaction fees.
The long anticipated update which is just 28 days away, will transition the network from proof-of-work (PoW) to proof-of-stake (PoW).
On the foundation’s website, Ethereum.org, the definition and summary of The Merge was changed on Tuesday, detailing:
“Gas fees are a product of network demand relative to the network’s capacity. The Merge deprecates the use of proof-of-work, transitioning to proof-of-stake for consensus, but does not significantly change any parameters that directly influence network capacity or throughput.”
Nevertheless, Ethereum network fees are currently its lowest level since 2020 at around 0.0012 ETH or $2.27 per transaction.
Following The Merge upgrade, which is the first in a series of five, Ethereum will activate The Surge, The Verge, The Purge, and finally The Splurge.